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Treasury Says Crypto Reduces Efficacy of US Sanctions, Seeks More Funding

Treasury Says Crypto Reduces Efficacy of US Sanctions, Seeks More Funding

The U.S. Department of the Treasury says that the growing use of crypto assets challenges the efficacy of American sanctions. “We are mindful of the risk that, if left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions,” the Treasury Department explained.

Treasury Says Crypto Threatens Efficacy of U.S. Sanctions

The U.S. Department of the Treasury released its 2021 Sanctions Review Monday. “Technological innovations such as digital currencies, alternative payment platforms, and new ways of hiding cross-border transactions all potentially reduce the efficacy of American sanctions,” the report details, elaborating:

While sanctions remain an essential and effective policy tool, they also face new challenges including rising risks from new payments systems, the growing use of digital assets, and cybercriminals.

“We are mindful of the risk that, if left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions,” the Treasury Department stated.

To “mitigate those challenges and bolster the effectiveness of Treasury’s role in sanctions moving forward,” the report provides several recommendations.

One of them is “modernizing Treasury’s sanctions technology, workforce, and infrastructure.” The Treasury Department “must have the right expertise, technology, and staff to support a robust and effective sanctions policymaking and implementation process,” the report emphasizes, adding:

Treasury should invest in deepening its institutional knowledge and capabilities in the evolving digital assets and services space to support the full sanctions lifecycle of activities.

On Tuesday, Wally Adeyemo, deputy secretary of the Treasury, told lawmakers that the Biden administration’s financial intelligence and sanctions units need significantly more funding and staff to combat national security threats, including those arising from ransomware and cryptocurrency markets, the Wall Street Journal reported.

“One of the most important areas for us, frankly, is ensuring that we have a workforce that understands these issues going forward,” Adeyemo said, noting:

Many of these crypto exchanges and cybercriminals that facilitate ransomware exist outside of the United States and have an impact here.

Do you think cryptocurrency challenges the efficacy of U.S. sanctions? Let us know in the comments section below.

US SEC Charges Man With Defrauding Crypto Investors in Two Digital Asset Securities Offerings

The U.S. Securities and Exchange Commission (SEC) has charged a citizen of Latvia with defrauding investors in two crypto offerings. The fraudster “used fake names, fictitious entities, and fraudulent profiles to perpetrate his schemes, and misappropriated nearly all of the investor funds that were raised.” Two Fraudulent Crypto Schemes The SEC announced Thursday that it::Listen

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The U.S. Securities and Exchange Commission (SEC) has charged a citizen of Latvia with defrauding investors in two crypto offerings. The fraudster “used fake names, fictitious entities, and fraudulent profiles to perpetrate his schemes, and misappropriated nearly all of the investor funds that were raised.”

Two Fraudulent Crypto Schemes

The SEC announced Thursday that it has “charged a Latvian citizen with defrauding hundreds of retail investors out of at least $7 million through two separate fraudulent digital asset securities offerings.”

Noting that Ivars Auzins defrauded U.S. and foreign investors, the securities watchdog explained:

Auzins allegedly used fake names, fictitious entities, and fraudulent profiles to perpetrate his schemes, and misappropriated nearly all of the investor funds that were raised.

His first scheme ran from January through March 2018. “Auzins fraudulently offered and sold unregistered digital tokens as part of an ICO [initial coin offering] of Denaro, a purported multi-currency debit card platform,” the SEC detailed.

The complaint alleges that “all of the claimed products or services being offered were fictitious, including the relationship with the credit card issuer,” noting that “Auzins misappropriated all of the ICO’s proceeds.”

His second scheme ran from April through July 2019. “Auzins fraudulently offered the unregistered securities of Innovamine, which purportedly offered a cloud mining program,” the SEC described, adding that he “misappropriated nearly all of the funds raised in the offering.”

The securities regulator detailed:

As we allege, Auzins was engaged in a brazen scheme to defraud retail investors under the guise of profitable digital asset opportunities.

The Latvian citizen is charged with “violating the antifraud and registration provisions of the federal securities laws.” The SEC “seeks permanent injunctions, including conduct-based injunctions, disgorgement plus prejudgment interest, civil penalties, and an officer-and-director bar against him.”

What do you think about this case? Let us know in the comments section below.

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Regulation, crypto offerings, defraud investors, fraudulent scheme, ICO, initial coin offering, SEC, sec crypto, sec crypto fraud, sec cryptocurrencies, sec cryptocurrency, securities offerings

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Treasury Says Crypto Reduces Efficacy of US Sanctions, Seeks More Funding

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